Qatar Navigation posts $95m net profit

Doha, April 30, 2014

Qatar Navigation (Milaha), a leader in marine transportation and offshore support, has reported a net profit of QR349 million ($96 million) for the first quarter when compared to QR345 million in 2013.

Milaha’s net result was essentially flat year-on-year, with gains in the gas & petrochem, trading and capital segments offset by declines in the maritime & logistics and offshore segments, said the company in a statement.

Its maritime & logistics unit witnessed a decline in revenues and net profit relative to the same period last year. A modest increase in import volumes was offset by a decline in export volumes from Mesaieed Port due to a plant shutdown, it stated.

In the case of its gas & petrochem arm, the revenue and net profit increased year-on-year. The increase was driven by improved earnings on the wholly-owned and operated tankers, Nakilat and Gulf LPG; in addition, the introduction of new harbour craft into the fleet boosted both revenues and earnings from port marine operations.

“Our performance was mixed in the first quarter of this year,” said Sheikh Ali bin Jassim Al Thani, the chairman and managing director of Milaha. “However, we still managed to slightly increase our overall profit year-on-year,” he noted.

The operating revenues fell to QR699 million when compared to QR703 million for the same period in 2013, essentially flat year over year.

The operating profit too dropped to QR273 million from QR283 million for the same period in 2013, a decrease of three per cent year over year.

The company's earnings per share was seen at QR3.08 over last year's QR3.03 for the same period in 2013.

Milaha said its offshore unit too registered a drop in revenue and profit relative to 2013. A combination of lower vessel utilization and delays in the delivery of one new vessel drove the decline in first quarter performance, it added.

Milaha Capital saw an increase in net profit relative to 2013, driven by dividend growth as well as a strong increase in the value of the investment portfolio.

Milaha president and CEO Khalifa Ali Al-Hetmi said: "Although we achieved slightly better results than last year, as part of our continuous improvement efforts, we are still taking active measures to help drive stronger results across our core businesses."-TradeArabia News Service